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Category: Business, Economics and Finance / Economic Trends

WA slumps to seventh spot in CommSec economic report

Monday, 25 Jul 2016 06:04:55

The mining downturn has hit WA's economy hard, the report finds. (ABC News)

Western Australia has slumped to seventh spot in the latest CommSec State of the States report on state economies, thanks to poor unemployment figures and the mining downturn.

Two years ago WA topped the rankings, while the previous report, released three months ago, ranked WA in sixth position.

The report takes into account a number of factors including economic growth, retail spending, equipment investment; unemployment, construction, population growth and housing commencement.

New South Wales is the top-ranked economy, followed by the ACT and Victoria. Fellow mining state Queensland fell to sixth position.

Only Tasmania is ranked lower than WA, but the report notes "there is now little separating these three bottom ranked economies".

CommSec's chief economist Craig James said the report showed the transition evident in the Australian economy from mining to services, including retail, construction and infrastructure.

"Investment activity in the resource rich areas like Western Australia, Queensland and the Northern Territory is well down from the highs of the mining boom," he said.

"In two years Western Australia has gone from first to seventh in the performance rankings. Slower population growth and continuing high unemployment will continue to hinder activity in the state's housing market."

AustraliaPlus


 

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